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Accounts Receivable Securitization Program
 3 Months Ended
Mar. 31, 2023
Transfers and Servicing [Abstract]  
Accounts Receivable Securitization Program Accounts Receivable Securitization Program
On March 15, 2022, the Company entered into an accounts receivable securitization program (“Securitization Facility”) with a financial institution ("Purchaser"), through our wholly owned special purpose bankruptcy-remote subsidiary Tronox Securitization LLC (“ SPE”) which was amended in November 2022.
As the Company does not maintain effective control over the sold receivables, we derecognize the sold receivables from our Condensed Consolidated Balance Sheet and classify the cash proceeds as source of cash from operating activities in our Condensed Consolidated Statement of Cash Flows.
The program is structured on a revolving basis under which cash collections from receivables are used to fund additional purchases of receivables at 100% face value, not to exceed the facility limit. As of March 31, 2023 and December 31, 2022, the total value of accounts receivables sold under the Securitization Facility and derecognized from the Company's Condensed Consolidated Balance Sheet was $117 million and $123 million, respectively. Additionally, at March 31, 2023 and December 31, 2022, we retained approximately $99 million and $69 million of unsold receivables which we pledged as collateral for the sold receivables.
The following table sets forth a summary of the receivables sold and fees incurred under the program during the related periods:
Three Months Ended March 31,
20232022
Cash proceeds from collections reinvested in the program$144 $28 
Incremental accounts receivables sold138 103 
Fees incurred1
2 — 
1 Fees due to the Purchaser are recorded in "Other income (expense), net" in our Condensed Consolidated Statement of Income.